Broker Name: DBS Group Research
Date of Report: 21 April 2026

Excerpt from DBS Group Research report.

Report Summary

• Stock: Keppel REIT (KREIT SP)
• Action: BUY (Reiterate)
• Target Price: SGD 1.05
• Most Important Idea: Keppel REIT started FY26 strongly, driven by acquisitions and robust rental reversions. The indicative 1Q26 DPU of 1.27 Scts is slightly ahead of estimates, supported by positive rental reversions (+17.2%) and improved borrowing costs.
• Key Highlights:
  • Positive rental reversions expected, with average signing rents about 11% above expiring rents in Singapore.
  • Portfolio committed occupancy improved to 97.1%.
  • Aggregate leverage stands at 40.2%, with continued focus on capital management.
  • Strong leasing demand led by banking, insurance, and financial services segment.
  • Further savings in financing costs and continued positive rental reversions are expected to drive earnings.
• Implications: Investors may consider BUY, supported by strong fundamentals, attractive dividend yield (5.7%), and stable capital management. Actionable catalyst is continued positive rental reversion in Singapore and expected savings from MBFC Tower 3’s tax status.

above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website : https://www.dbs.com